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Vladimir Putin Forces Bookies to Sponsor Russian Sporting Events

Tags: Vladimir Putin.
Posted on 13 January 2016 by "T".

Russian President Vladimir Putin has asked the Russian Government to force bookmakers to become sponsors of sporting events that involves Russian teams and athletes taking part in the event. The law is likely to be presented during the middle of this year.

In a document released by the official Kremlin website, it states: "The federal bill should envisage establishing duties of organizers of gambling activities in bookmakers' offices and betting terminals to channel part of the revenues from accepting bets for sports events with the participation of Russian teams and athletes, and for financing the activity of sports entities in the manner determined by the Government of the Russian Federation."

According to Leonid Fedun, oil tycoon and owner of Moscow's Spartak Football Club, the federal bill is aimed at adding revenue into the sport, especially that of football. "Let's look at the British Premier League, where every second team has a bookmaker as sponsor. The bookmaking business is booming. People spend a lot of money on bets, some of that money could be given to football clubs," said Fedun to TASS news agency.
Aleksandr Dyukov, president of Russian football club Zenit, if bookmakers would pay such duties, it would mean that Russian football can get an estimated sponsorship of 1.5 - 2 billion rubles per year.

It is estimated that the overall value of the Russian betting market is within 150 billion rubles (more than $2 billion) as of summer 2015 with around $35 million going to annual net profit, according to the Russian Ministry of Communications.

Currently, the country has 25 registered bookmakers. The Ministry of Finance proposed getting 13 percent from a gambler's winnings to serve as income tax should their earnings go beyond 4,000 rubles. Bookmakers are supposed to withhold the tax and later submit it to the appropriate governing body.

The Presidential Council for the Development of Physical Culture and Sport held a session on Dec. 8, 2015, discussing this very issue. Vitaliy Mutko, Russia's Sports Minister said that both bookmakers and betting operators do not pay any duties that will add fund to the sports event and should therefore pay toward the sport that allowed them to earn money.

source: https://www.rt.com/business/327097-putin-bookmakers-russia-sport/

 


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11 comments on "Vladimir Putin Forces Bookies to Sponsor Russian Sporting Events"


 tropical14/01/2016 12:03:23 GMT
This decision is brilliant. It will surely take money from the gamblers and redirect it towards athletes and teams but lets be honest here, in the long run most gamblers lose anyway. With a significant number of bookmakers(25), they wont be able to increase their vig to compensate for the sponsorships. Instead with the patches and advertising boards displayed at the sporting events they will attract new recreational players who will foot the bill. Well played Vladimir.
 Fakiry14/01/2016 14:08:48 GMT
Having someone or some company to be forced to do something never seems reasonable, but if it's something turned into a law, then everyone will have to do it. So i am forced to say i agree with this. It's just like the countries that make online poker rooms to work in their countries according with their laws. Each country have different rules, and internet isn't a world appart from the real world, it's a virtual world ruled by the countries where the domains are instaled and where the companys can act (i'm not saying i agree, just stating a fact).
 pochui14/01/2016 20:21:01 GMT
well actually i don't see this as a stupid decision at all, which in itself is a surprise of unprecedented magnitude. some of sports betting money going back to sports- logical enough, and probably at some less popular sports like mosquito's hunting a very important source of revenue.
 xxxpokerxxx114/01/2016 23:42:15 GMT
next he will tax poker players,or some weird new rule for gamblers in russia,I am sure they are looking at it know and realizing that millions of russian gamble online in some way,imagine all those taxable rubble's,they and all other world goverments are starting to wake up to online gaming money,and the potential tax money "I THINK". Smile

I think they are paying some kinda tax already Question Question
 bowie198416/01/2016 00:03:24 GMT
They just in need for more sources (2 all those politically backed sportsteams which are run by business oligarchs) because of the sinking oil prices and the overall bad health of the russian economy. Nothing new here.
 Ingrind3316/01/2016 13:47:45 GMT
Someone needs to pay for those sweaty man chasing ball to compete in a surrogate war to show their masculinity and mating potential. Another thing is that the masses have this tribal feeling for their team, while if they were born in another city they would be a hardcore fanatic of another club. This form of unity and competing for your "village/tribe" is a deep primordial feeling embedded in the human DNA.
The Romans used theaters and arenas to distract people's attention and fanaticism towards these things, so they would not instead of rebel against the empire.

tl;dr Sports, hahaha


Heart
 damosk16/01/2016 22:25:17 GMT
So! Mr Putin is looking to use some of the money made by bookies to support sports in the country. This is a pretty good idea. I would imagine the vast majority of money made by bookies comes from sport betting therefore it seems a really sensible suggestion.
 IceQueenAce17/01/2016 01:31:27 GMT
Not sure where I stand on this, he is such a dictator that anything he does seems wrong, although I am sure he does do some things right.

Time and history will tell I am sure.
 bowie198420/01/2016 02:32:16 GMT
Posted by IceQueenAce:
Not sure where I stand on this, he is such a dictator that anything he does seems wrong, although I am sure he does do some things right.
Time and history will tell I am sure.

He is not much of a dictator but he would be hard to get rid of politically that's 4 sure...
 SBEP20/01/2016 04:40:16 GMT
There is no political solution to a human problem, never was, never will be...
They are allllllllll corrupt, not just our`s but yours to...
Their job is, to find different ways to tax the people in the country they rule in, that`s all...
They are all leeches and parasites, there is no reason for them to exist
https://www.youtube.com/watch?v=wy632HTYpF8
 TheMachineQC20/01/2016 19:03:46 GMT
This is a pretty good idea. He should make casinos pay too... They make even more money than bookmakers Smile

It seems like Vladimir Putin has been president of Russia forever... When was he elected for the first time? He can be re-elected as many times as he wants to over there? Seems pretty weird and open to corruption but if the guy is fair then it's good to keep him for a long time.

Here in Canada if we ever get a good PM he will be gone after 4 years Big Smile

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